Auctioneer ($25,000) Bond - Statewide in Ohio

Brief Summary

Ohio's $25,000 auctioneer bond is a starter requirement, not a lifetime one. A new licensee carries it for three years, and an auctioneer with a clean record after that can drop it. Let the license lapse or get suspended, though, and the bond comes back as a condition of reinstatement.

Ohio Revised Code 4707.11 requires an auctioneer license applicant to show $25,000 of financial responsibility through a surety bond, cash bond or irrevocable letter of credit, with a surety bond made payable to the Ohio Department of Agriculture. It must be kept for three years after initial licensure. Licenses issued before July 1, 2003 and continuously renewed without suspension are exempt, and auction firms post $50,000 under a separate section.

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How to Apply for a Auctioneer ($25,000) Bond:

• Complete an approved auction school and get the school's original graduation letter.
• File the application no earlier than 30 days and no later than 14 days before the exam date.
• Obtain the $25,000 surety bond with a bond number and signatures, plus the Department's Auctioneer Bond Statement Form.
• Pass the written and oral examination at the Ohio Department of Agriculture.
• Pay the $200 license fee, the $3.50 processing fee and the $25 exam fee.
• Keep the bond in force for three years from initial licensure.

Detailed Information About the Ohio Auctioneer ($25,000) Bond:

The three-year rule

Most auctioneers do not carry this bond forever. Ohio Revised Code 4707.11 says a licensee shall maintain proof of financial responsibility for three years following the date of initial licensure. After that, a licensee who has not engaged in conduct described in section 4707.15 and has not otherwise violated Chapter 4707 or its rules during those three years no longer has to maintain it. An auctioneer whose license expires without renewal, or is suspended, must give proof of financial responsibility again to have the license reinstated or reactivated.

The requirement does not apply at all to a licensee whose license was issued before July 1, 2003 and has been continuously renewed without suspension.

Amount and form

The amount is $25,000, provided as an irrevocable letter of credit, a cash bond or a surety bond. A surety bond must be executed by a company authorized to do business in Ohio, be payable to the Department of Agriculture, and carry a condition that the auctioneer comply with Chapter 4707 and its rules, including refraining from the conduct described in section 4707.15. The Department publishes an Auctioneer Bond Statement Form for licensees and says bonds must have a bond number and be signed.

Not the firm or one-auction bond

Two other auction licenses carry $50,000 instead. An auction firm license under section 4707.074 requires $50,000 for as long as the firm is licensed, and a nonresident one-auction license under section 4707.072 also requires $50,000.

Getting licensed

Applicants attend an approved auction school, then pass a written and oral examination given monthly at the Department of Agriculture. Applications are filed no earlier than 30 days and no later than 14 days before the exam. The Department lists an initial license fee of $200 plus a $3.50 processing fee and a $25 exam fee, or $100 plus processing when the license issues in the second year of the biennium. Licenses expire on the last day of June of the biennium, renewal is $200 plus processing, and renewing between July 1 and September 1 adds a $100 late penalty.

Eligibility and Requirements for a Ohio Auctioneer ($25,000) Bond:

• $25,000 in financial responsibility as a surety bond, cash bond or irrevocable letter of credit.
• Surety authorized to do business in Ohio, with the bond payable to the Ohio Department of Agriculture.
• Condition requiring compliance with ORC Chapter 4707 and its rules, including section 4707.15.
• Exemption for licenses issued before July 1, 2003 and continuously renewed without suspension.
• Biennial renewal of $200 plus a $3.50 processing fee.

Ohio Auctioneer ($25,000) Bond FAQs:

Official and Additional Resources for the Ohio Auctioneer ($25,000) Bond: